Glencore Takes 20% of Cobalt Off The Market To Arrest Price Collapse

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  • #21576
    ClemSnide
    Participant

    Glencore PLC is closing its Mutanda mine in…

    [article]1674[/article]

    #21590
    ThePitBoss
    Participant

    Cobalt prices up since Glencore announcement

    Prices of refined cobalt climbed 6,000 yuan/mt from a week ago, to stand at 225,000-235,000 yuan/mt in the week to Friday August 9.
    Prices of cobalt hydroxide also rose $0.2/lb on the week to $7.7-8/lb.
    Producers of cobalt salts raised quotes in Zhejiang rising to 42,000 yuan/mt. Some producers withheld selling below 40,000 yuan/mt.
    However, limited procurement from power battery market and slow recovery of demand from the digital market capped the increases in cobalt salt prices.
    Prices of cobalt sulphate came in at 38,000-40,000 yuan/mt in the week to Friday August 9, up 2,000 yuan/mt on the week
    Prices of cobalt chloride standing at 44,000-47,000 yuan/mt, up 2,500 yuan/mt.
    Prices of nickel sulphate grew an average 1,000 yuan/mt on the week to 25,000 – 28,500 yuan/mt.

    Stabilised downstream consumption slightly raised prices of cobalt (II, III) oxide, to 148,000-150,000 yuan/mt as of Friday August 9, up 2,500 yuan/mt from a week ago.

    Prices of ternary precursor nudged up on improved demand from the digital market, but orders from the power battery sector barely picked up.

    In the week to Friday August 9, prices of NCM523 rose 2,000 yuan/mt on the week, to 74,000-77,000 yuan/mt, with prices of NCM622 climbing 2,500 yuan/mt, standing at 82,000-84,000 yuan/mt.

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